This study examines the effect of dividend tax reform on earnings management by utilizing a natural experiment in Korea. From 2015 to 2017, the Korean government reduced the tax burden on dividends for firms exceeding specific thresholds for dividend payout ratio. Using a staggered difference-in-differences design, this study finds that tax-eligible firms significantly decreased discretionary accruals during the reform period. The findings are robust to endogeneity tests, firm fixed effects, and alternative measures of earnings management. The study offers insights for academics and policy makers on how dividend tax incentives shape corporate financial reporting behavior.

中文翻译：

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股息税改革对盈余管理的影响——来自韩国自然实验的证据


本研究利用韩国的自然实验，考察了股息税改革对盈余管理的影响。从 2015 年到 2017 年，韩国政府降低了超过股息支付率特定门槛的公司的股息税负。本研究采用交错双重差分设计，发现符合税收条件的企业在改革期间显著减少了可自由支配的应计项目。这些发现对内生性检验、坚定的固定效应和盈余管理的替代措施具有稳健性。该研究为学者和政策制定者提供了关于股息税激励措施如何影响公司财务报告行为的见解。